WINNIPEG, May 14, 2012 /CNW/ - Legumex Walker Inc. (TSX: LWP) (the "Company") today announced that Bruce A. Scherr, has been appointed as independent Chairman of the Board of Directors, effective immediately. Dr. Scherr, who has served as Director of the Company since its initial public offering in June 2011, succeeds David Walker, founder of Legumex Walker's predecessor company, Walker Seeds Limited, who is retiring from the special crops processing industry following a 30-plus year career.
"Legumex Walker is committed to high standards of corporate governance and Mr. Walker's retirement provides the opportunity to appoint an independent Chairman," said Joel Horn, President and Chief Executive Officer, Legumex Walker Inc. "With an extensive background in agribusiness, we look forward to Dr. Scherr's continued guidance and counsel as we execute on the growth initiatives in our Special Crops division and move toward the commencement of our Oilseed Processing operations in the first quarter of next year."
Dr. Scherr is Chairman and Chief Executive Officer of Informa Economics, Inc., a world leader in comprehensive commodity, food industry and agribusiness research and consulting. Previously, he was a founder and president of Agri-Commodities, Inc., an agriculture consulting firm and prior thereto was a divisional Vice President at Data Resources, Inc., where he developed and utilized for the public and private sectors the first commercially available econometric model for United States agriculture. He was formerly an advisor for Metalmark Capital LLC, a New York-based private equity fund, has served as a member of the University of Tennessee's Institute of Agriculture Development Board and was named a 2007 Distinguished Agriculture Alumni from Purdue University. Dr. Scherr received his Bachelor's degree from Rutgers University and his Master's degree and Ph.D. from Purdue University, all in agricultural economics.
Mr. Walker will be available to the Company's Board and Management as an advisor on Legumex Walker projects going forward.
Mr. Horn added, "On behalf of the Board, I would like to thank Mr. Walker for his contribution as Chairman in our first year as a public company. We wish him well in the future."
Mr. Walker commented, "For the almost three decades, I have been dedicated to building Walker Seeds into one of the special crops leaders in Canada. With the combination of Walker Seeds and Roy Legumex Group and our transition to a public company complete, I now look forward to the next phase in my life and the opportunity to spend more time with family and devote more attention to my farming and investment interests."
About Legumex Walker Inc.
Legumex Walker is a growth-oriented processor and merchandiser of pulses (lentils, peas, beans and chickpeas), other special crops and canola products. The Company is one of the largest processors of pulses and other special crops in Canada with 11 processing facilities strategically located in key growing regions in the Canadian Prairie Provinces, the American Midwest, and China, a global sales, logistics, and distribution platform and access to multimodal transportation capabilities. In addition the Company has an 85 percent interest in Pacific Coast Canola, LLC, a company that is constructing a canola oilseed processing facility in Washington State.
This press release contains "forward‐looking information" within the meaning of Canadian securities laws which may include, but are not limited to, statements relating to growth initiatives and commencement of oilseed processing operations. Such forward‐looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including assumption that its oilseed processing facility will commence operations in the first quarter of 2013 and the risk that these operations may not commence as anticipated, and other risks described in the Company's Annual Information Form dated March 28, 2012, which is available on SEDAR (www.sedar.com). The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
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